Did you know that 80% of millionaires made that money on their own? They didn’t have a trust fun or an inheritance. In fact, many times, they grew up in poverty which is what propelled them to make money regardless of obstacles. There are certain actions and characteristics that cause someone to succeed in meeting their goals.
It doesn’t happen by accident. It happens through determination, hard work, a never-say-never attitude, and good habits. Habits are what set rich and poor people apart, studies have found. Here are some of those habits that turned normal hard working people in millionaires.
1. They are Avid Readers
There is a common theme with millionaires and that is that they spend time reading. It might be reading up on things that they are involved with directly. It could be more indirect. The novel, “Moby Dick” could serve as inspiration due to determination. It allows people to gain insight into life and how the world works.
This is a practice you will want to adopt too if you’re hoping to become wealthy. In fact, 85% of millionaires read at least two books a month. They include topics like biographies of successful people. If they can’t be surrounded by mentors and successful people all the time, reading about it is the next best thing.
Self-health, health, current events, leadership, and psychology are other most-read topics for those striving to achieve great things. One of the great keys to being successful is by expanding what you know and your skills. If you put at least a half an hour aside every day to read, you’ll find that you are heavily inspired to know even more. Knowledge is power.
Many of today’s millionaires are happy with their bank account balance but for most, it wasn’t the pinnacle result of their efforts. Self-made millionaires see the money as a bi-product of something greater. They challenge themselves to the very limits. They accept the challenge of going for their dreams.
This creates success on their own terms. On the path to some other goals, they also happened to make a lot of money. Money follows someone who doesn’t let anything deter them.
Challenges are what they are because most people won’t push themselves to the limit to get past them. When you do push through challenges, there are many benefits. Becoming wealthy is one of the monetary advantages.
3. They Find Their Passions
Most of us go into any given career because it’s the safe bet. Wealthy people look into themselves and find their true passion. When there’s passion, people are far more prone to work harder. Their heart and soul goes into something they truly care about. This can manifest into major success.
While it may appear that the rich never take time off, it’s because they do what they love. They don’t want to take time away from their passions. It’s not that they’re greedy and looking to make more money. It’s that they are passionate about what they’re doing.
Instead of making it a habit to look for work that is profitable, try focusing on what fulfills you. When you know what that is, put time into developing it. You become an authority in your field and people will respect you more. You also have an unlimited amount of energy to develop your business plans and ideas when you care about it. That’s what so many millionaires have done and it is a recipe that works.
For people that have the determination to make $1 million from their ideas, it never ends. They have an unlimited well of the juju to keep on making money, keep on moving past setbacks and embracing challenges.
After making their first million, self-made wealthy people know that the sky is the limit. They are highly charged with confidence that their recipes for success will work time and time again. With the kind of attitude they have about success and making money, they are right.
Self made millionaires don’t thrive on being comfortable in their life. They always want to fulfill more goals. The money is merely a marker that they are on target with their goals. There is always more to achieve for people that make their own millions, it’s part of the fun.
Nearly every self made millionaire that has been interviewed about their journey to wealth has said they have a mentor. All of whom say they attribute the wealth they have today to having a mentor. It really does help put you in the feeling place to success.
There are a few different kinds of success mentors. They can be parents, which are always your first mentors. Parents teach us important daily habits like practicing the alphabet or reading. If your parents were hard on you, you can thank them for it. They gave you the ability to strive in life.
Teachers are the second phase of your mentors in life. Many millionaires have given a teacher accolades in speeches for some award they’re being given. Teachers help to reinforce the mentoring that parents gave their kids prior to going to school. Sometimes, when mentoring failed at home, the teacher mentor is even more important.
As one grows older, you will naturally gravitate towards career mentors if you are passionate about your work or business. The mentor you are attracted to will be someone you trust, admire and respect. They can help lead you in the right direction to succeed in your life and have learned a thing or two ahead of you about the business.
You can be mentored through books too which is one of the reasons you should be reading every day. Get your dose of positivity from your favorite mentor by reading about successful people.
You can even be your own mentor by learning from mistakes. Some of the self made millionaires hadn’t met their inspiring mentors yet and they only had themselves to rely on. They had to learn how to pick themselves up and move on when they made mistakes.
Something to be said about any self made millionaire is they have earned every cent they made. Hard work is a labor of love. Regardless of talent, someone who makes a millions of dollars will have to work and study harder than anyone else.
This is how people achieve goals. Often millionaires are plowing through uncharted territories. This means they often have to cover twice as much ground. They have to make the trails in order to find the success. That’s a lot of guessing and failing, and getting back up again.
Many millionaires do something called “dream setting” which is where they write down what they’d like their life to look like. From this, they then build a list of dreams. Goals will then be developed to support the dream.
Millionaires have been passing down this advice through the generations. It’s been tried and true with many. From the likes of modern self made millionaires like Tony Robbins and Tim Ferriss, they will tell you that keeping track of goals is essential to making dreams become reality.
It helps one take action on a daily basis. If dreams are a ladder and rungs are goals, consider what you’d need to make happen for all your hopes and dreams to happen. Ask yourself if it’s possible for you to perform the activities. If you have the skills and knowledge, what are you waiting for? If not, get them. That’s what millionaires do.
They see their angle and they go for it. Whatever it takes. It’s important to know your goal and make the plan. This is how rich people become wealthy. They focus, they have courage, they have the knowledge and they give it all they have. The fundamental essential ingredient however is to know exactly what you want.
If you’ve ever listened to really successful people talk about failure, you might think they’re crazy. They laugh about losing millions and shake off a mistake or failure that erased months or years of progress.
In a way, a successful CEO and a saint aren’t so far off from their views about life. It’s a journey this life and its’s not always something we can control. For millionaires that made every penny for themselves, they experienced failure at one point.
Someone with a successful mind frame doesn’t accept failure as the end of trying. It’s just a way of bringing you closer to success. Falling down means getting back up with more knowledge on your side. This is one of the major factors that sets millionaires and average Joe’s who gave up apart. To truly be successful, you don’t walk away when things don’t work out. You consider it a journey and that you’re now one step closer to your dreams.
To do lists are really important to support go getters like self made millionaires. To obtain goals, you have to take physical actions. Millionaires will break down goals into actionable steps. This is what their to-do lists are made up of every single day.
These to-do lists are a process. Processes make it so that someone who has a lot going on doesn’t have to think about what to do. The habits that make a person highly successful are done every day because the list reminds you to do them.
Having a process takes less energy and decision making is reduced. This takes away any stress or fatigue from trying to figure out what needs to be done to make it to your goals. Habits are really important because they aid in success without taking any brain power away.
People who succeed in life usually also care about their health. Tim Ferriss interviewed many successful people and over 80% of them woke up really early in the morning and started their day right. This usually included a form of mindfulness meditation.
While some people will just go for a quiet walk before the sun rises, some will actually sit in meditation. A form of exercise is usually the beginning of the day and of course healthy food throughout the day is a must. People who succeed in life will seek out any advantage they can to obtain their desires in life.
Mental health breaks and exercise throughout the day help keeps the mind sharp. Millionaires may work hard but they also ensure to nurture the mind, body, and soul. They eat right and get plenty of sleep.
11. Surround Themselves with Other Successful People
Self made millionaires didn’t accomplish things by being around people who drain the energy out of them. They put a lot of consideration on who they spend their time with. Millionaire and highly successful people will hang out in the same crowds which is perhaps why country clubs became such a popular idea.
Spending time with people who share the same visions and goals is highly motivating. Feeding off one another’s positivity and resources can help everyone in the group become even more successful.
It’s important to find your peers too. The ones that help you stay motivated. The people that you can confide in and offer you support and good advice. Instead of spending time with people who don’t care about enhancing their careers of their life, find your tribe of people who also want to strive like you do. Beware of party goers and nay sayers. They will only hold you back.
As Andrew Carnegie said, surrounding yourself with talented people who share your vision is essential. He attributes becoming incredibly rich to the principal of just this. The alignment of a few creative minds is much more powerful than one.
Don’t forget too, we become like the people we associate with. This is why rich people spend time with other rich people. Your net worth is often fairly obvious based on your tightest buddies in life.
Successful self made millionaires take care of their mind with reading and their body through exercise and nutrition. To feed their souls, they give back. To stay real and connected to the human experience by donating money to people and causes that need it.
It is a humbling experience and brings a lot of joy to millionaires who can afford to make difference. Researchers have studied the reasons people donated. Charitable giving comes from a few different mindsets. Some value social good done by charity. Some donate because it simply makes them feel like they’re doing something good. Others will do it show off to impress potential mates. A way of showing their wealth.
While millionaires give for other reasons, it does make a person feel abundance with money when they can afford to give it away. If you’re rich or not at this point, you help yourself when you help others. One of the secrets that any millionaire will tell you is donating will help you feel rich and that feeling brings you closer to that reality.
You’ve probably heard that you shouldn’t put all your eggs in one basket. Millionaires practice this logic when it comes to how they do business. Self made millionaires will often have their hand in many pots when it comes to their income stream. On average, they will have a minimum of three ways to bring in money.
This is smart because if there are any economic disasters, they can diversify sources of income. Some of the revenue streams that work well for those who are looking to build their empire and financial situation include:
Real estate rentals.
Investments in the stock market.
Private equity investments.
Partial ownership of businesses (that they don’t have to spend time running)
Ancillary products or services..
The stats from a 5 year study on self made millionaires found that 65% of them had three income streams, 45% had four streams and 29% had more than five streams. These streams don’t need to be managed on a full time basis so it’s easy to keep the money rolling in without lifting a finger.
Things like investing in real estate and renting out your properties are included as streams of income. The more streams created, the more secure finances are. Millionaires are wise to this.
Millionaires are not time wasters. They view their time as a valuable asset so they don’t waste it. Millionaires feel that if time is invested, you can’t get it back. Feeding their minds through books, eating nutritious foods, and exercise is time well wasted. Watching TV or partying all night is not.
There are 67% of self made millionaires who watch less than one hour of TV per day. Sixty-three percent will spend less than an hour per day online looking through social media or videos on YouTube. This gives them far more time to do the things that really matter to them.
Activities that benefit their life in a positive way. Volunteering, learning, reading, networking and pursuing dreams is the mindset of the wealthy. Not spending hours on the TV or mindless scouring of social media has allowed millionaires to supersede other people thriving to become millionaires. They keep their priorities in check.
Millionaires make their money work for them. Through investing, the money they have continues to grow with no effort on their part. Millionaires suggest putting your saved money into untouchable accounts that are secure. You should not even use this money for emergencies. Let it grow and as you watch it grow, you’ll feel wealthier which will make you wealthier.
One of the most effective ways to earn more money is to invest. The average millionaire invests up to 20% of their income every year. It’s not about how much money a person makes every day but how much money is saved over a long period of time.
Millionaires will come up with big ideas first and then invest. They seek out good investments and big performers to make their investments profitable. Millionaires are confident in their ability to make good decisions. If they make a bad financial decision, they are also confident that they will continue to make more money anyway.
Losing money on investments is a pricey lesson but a less nonetheless. Without risk, there is no reward.
Probably one of the biggest secrets to becoming rich is not to obsess about money. Instead, focus on success. Most of the self made millionaires around the world attribute their obsession with success.
Money is just a way of telling where you’re at in your success. Self made millionaires see business as a game and they are aiming to win. How can you use this information? Figure out what you want and determine how you’re going to get it. Create actionable lists. Read all you can. Find a mentor. Eat, sleep, and live to make your goals happen.
Don’t give up regardless of setbacks and give charitable donations. Don’t worry, you’ll get it back ten-fold later. Find the winning side in yourself and you might just become a self make millionaire. Even if you don’t, it’s a sure way of obtaining some of the other goals you’re looking to fulfill.